WSJ

FRONT SECTION 1 Bond Deal May Augur More European Travails Investors balked at buying a $1.46 billion bond offering by Banco Santander, underscoring the jittery nature of the region's credit markets. ECB Stands Firm on Greek Debt European Central Bank President Jean-Claude Trichet stood his ground in the high-stakes dispute between the bank and Germany over how to handle Greece's debt burden, reiterating the ECB's opposition to extending the maturities on Greek debt. • Sovereign Debt Watch 2 • What's News—   3 • Ruling Turkish Party Set for Election Win • EU Is Expected to Nod to Progress Toward Croatia Membership • Lagarde Takes IMF Campaign to Twitter • Emerging Markets Soften on Inflation • IMF Pressures Beijing on Yuan   4 • BRUSSELS BEAT: A Fine Line: Why a Voluntary Bond Swap Could Push Greece Over the Edge • Europe Bank Chief Signals Rate Rise   6 • Ruling Turkish Party Set for Election Win • AGENDA: Germany's Interest Rates Have Become a Special Case   7 • Germany Looks to Fossil Fuel Amid Nuclear Exit • Impasse Leaves Belgium Without Government One Year After Elections   8 • U.S. Household Net Worth Climbs 1.2% • Guns From U.S. Probe Surface in Mexico • U.S. Trade Deficit Narrowed in April, As Japan Quake Disrupted Imports   9 • Panetta Won't Specify Pace of Afghan Troop Drawdown • Trouble Seen in Afghan Aid Effort • U.S. Seeks Afghan Pledges by NATO   10 • Tokyo Weighing More Evacuations • U.S. Seeks Greater Economic Role in Africa   11 • OPEC Rift Gives Rise to Doubts, Price Fears • Tensions Flare Over Disputed Asian Sea   12 • Threats to Town Halls Stir Voter Backlash   OPINION 14 Egypt's Backward Turn The country needs economic reform, not higher subsidies. Bahrain's Crash Course Formula One drivers for democracy. The Hangover, Part III Another unintended Dodd-Frank consequence. 15 OPINION • A Short History of Political Suicide • No Such Thing as Government Spending   16 OPINION • Political Gridlock at NATO • Tim Geithner's Heavy Hand   FRONT SECTION 29 TRAVELER'S TALE Come, Stay—Just Not for Long What happens when your German exchange family rejects you? Get over not getting to meet your hot nonbrother and try to avoid the glares of your temporary exchange grandma. Hotel Loyalty Programs Make Stays More Beneficial Travel tips from Raja Daswani, a globetrotting tailor famous internationally for his quirky newspaper advertisements. 30 • Greyhounds Race Against Time • Tip of the Day   31 • Auditioning for Broadway Revival of 'Annie' Is a Hard-Knock Life

View the latest What's News Online Past Editions of In Today's Paper advertisement 17 General Motors Open to Opel Sale Two years after scrapping plans to sell its Adam Opel unit in Germany, General Motors is open to selling the struggling brand if it gets an offer more favorable than the one it rejected in 2009. 'Backdoor' China Plays Under Fire China MediaExpress's rapid growth and big profits helped it draw marquee U.S. investors. Now it is one of dozens companies from China that have come under fire by investors and U.S. regulators for allegedly misleading investors. • Brokers Boost Margin Demands • SEC Warns About Reverse-Merger Companies • Big Funds See Red in China • Regulator: China Is 'New Dot-Com' Nokia Dismisses Talk of Bid Nokia Chief Executive Stephen Elop shot down rumors that the company is up for sale, dismissing them as "completely groundless." • Heard: Tectonic Shift in Handset Market • Deal Journal: Be Wary of Nokia Takeover Rumors • Tech Europe: Another Day, Another Nokia Crisis 18 • Stores Push for Chinese Tourists • Retailers Slump as Argos Sales Plummet • Borders Says Lenders Are Forcing More Store Closures • Corrections & Amplifications   19 • Nintendo Investors Remain Wary Despite New Wii • Apple Retreats in Publisher Fight • Supreme Court Rules Microsoft Must Pay in Patent Case   20 • Policy Makers Split Over Size of Bank Capital • Anglo Irish Close to Sale of U.S. Portfolio • Citi, Confirming Breach, to Issue Tens of Thousands of New Cards   21 • Eyes on Goldman-Libya Dealings • Goldman Settles Probe Over Research 'Huddles'   22 • Big Funds See Red in China   24 • Court Rules Against Greenpeace in Drilling Protest • Business Briefs   25 • Ex-BP Chief Aims for $1.6 Billion IPO   26 • AIG Gets Another Step Closer to Selling Taiwan Insurer • European Stocks Climb • Sugar Bears May Be Looking Sweet   32 HEARD ON THE STREET Rothschild Looks for Another Lightning Strike Financier Nat Rothschild is looking to raise $1.64 billion to fund an acquisition in the oil and gas sector. But he might find it hard to conjure up another deal as successful as his mining investment vehicle Vallar. HEARD ON THE STREET The Wolfgang at Greece's Door Wolfgang Schäuble has been an avowed advocate of Europe's single currency throughout his career. The German finance minister also admits he always saw monetary union as a precursor to political union. That makes his insistence on a restructuring of Greek government debt even harder to fathom. HEARD ON THE STREET Investors Reward Iceland's Steady Progress A warm reception in a cold climate for sovereign debt: Iceland's first international bond offering since its spectacular economic and banking collapse late in 2008 has been snapped up by investors. Overheard: Enough Said Sometimes a single word speaks volumes. Jean-Claude Trichet was asked at Thursday's European Central Bank news conference what the consequences of a "mini-default" by the U.S. might be. The ECB president asked for the term to be repeated, and then, with raised eyebrows, muttered the word "mini" in a tone of voice suggesting a technical default would be anything but. Given the U.S. debt ceiling is north of $14 trillion, and the first T-bill at risk has a face value of $30 billion—more than the GDP of many small countries—he has a point. *** Do regulators train to be incomprehensible? Here is the U.K. regulator weighing in on Procter & Gamble's sale of its Pringles brand to Diamond Foods: "The Office of Fair Trading is considering whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002." Quite.   W1 A Magnificent Obsession British sculptor Nic Fiddian-Green's 25-year fascination with the equine form. • Wild Horses A Week at the Races As Royal Ascot celebrates 300 years of tradition, it may not hold the place it once did at the heart of the British social calendar, but it is still a unique gathering for aristocrats, politicians, royalty and celebrities. W2 • EUROPEAN LIFE: An Irish Lesson in Hope and Marketing   W3 • Meditations on History   W4 • An Estate Full of Adventure   W5 • GOLF JOURNAL: So What's Wrong With Being Slow?   W6 • BRUCE PALLING ON FOOD: A Perfect Dinner Pairing • Will Lyons on Wine: An Australian in Burgundy • Drinking Now   W7 • ON STYLE: Wanted: a Second Chance   W8 • TINA GAUDOIN ON STYLE: A Flashy, Positively Ghastly Spectacle   W12 • Bjarke Ingels's BIG Ambitions   W16 • The Other Mann • A Conspiracy of Hunches   W17 • Art Basel Unshackles the Mind • Art & Auctions: Maturing Gracefully   W18 • Reviews: Falling Into Wagner's Burning Ring of Fire • Reviews: 'Il Turco' Delights at Garsington • Reviews: A 'Chicken Soup' Revival Full of Vigor   W19 • Cultural Calendar: What's on Around Europe   W20 • Friday Night, Saturday Morning: Dancer Carlos Acosta Finds His Own Rhythm

Follow WSJ on Facebook and Twitter.